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Monetary Theory and Monetary Policy: Reflections on the Development over the last 150 Years

  • Issing Otmar

    ()

    (Center for Financial Studies, Goethe University of Frankfurt, Grueneburgplatz 1, 60323 Frankfurt a.M., Germany)

  • Wieland Volker

    ()

    (Ph.D., Institute for Monetary and Financial Stability, Goethe University of Frankfurt, Grueneburgplatz 1, 60323 Frankfurt a.M., Germany)

In this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the development of this subject.We also try to illustrate some of the interactions with the political and financial system, academic discussion and the views and actions of central banks.

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Article provided by De Gruyter in its journal Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik).

Volume (Year): 233 (2013)
Issue (Month): 3 (June)
Pages: 423-445

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Handle: RePEc:jns:jbstat:v:233:y:2013:i:3:p:423-445
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